This article will teach you the step by step process of processing the demo Trust for the year ending 30 June 2019 (no cash transactions exist after this date).
These instructions may be slightly different if you have an older demo Trust loaded in your Class Business. If the start date of your Demo is before 01/07/2018 you can raise a support ticket addressed to Class Consulting team and ask for new demo SMSF and/or Trust to be loaded in your Business.
- From the Browse Funds screen search the word "demo"
- Select the Demo Family Trust
- Navigate to Feeds > Feeds Console > select the Demo Broking Account
- The product is already pre-filled for you, you just need to click the "Load Demo Data" button which will provide a historical refresh of transactions
- Confirm Historical Data Request. The 'From' date will default to 01/07/2018 which is the fund start date on Class.
If the From Date is later it is likely because you have entered manual transactions. In this case the From Date will be the day after the last manual transaction date but you can still manually override this date
- Navigate to Investment Holding shortcut and check the balance reconciliation of investments. You should notice that the Macquarie CMA has no data feed (quantity in black), BHP & Coles are unbalanced (quantity is red) and all other investments except for the property are reconciled (quantity is green).
- Navigate to Feeds > Feeds Console > select the Macquarie CMA bank account.
Click "Load Demo Data" and leave the From Date as 01/07/2018 in the Confirm Historical Data Request pop-up
- Navigate to Investment Holding shortcut and after waiting 1 minute for transactions to load refresh the screen to check the bank balance is reconciled (quantity should now be green).
- Navigate to Investments > Browse Corporate Actions select the BHP corporate action first
- Enter 1,000 units in the Participating Quantity for BHP shares. These are being sold through off-market Buy Back. You do not need to change any other field
- Select the Wesfarmer corporate action spin-off of Coles and after reviewing the information click Submit
- Navigate to Match Transactions shortcut and click Generate income
- In the pop up box check the tick box 'Create announcements prior to Opening Position' this creates business events for dividends of listed security where the ex-dividend date was prior to 30 June
- Click the Refesh button before clicking Create Income Events
- Click Automatch to match off the transactions
- Leave the Extended Search Days to Auto and click Run Automatch and Save Suggested Matches
- Navigate to Match Transactions shortcut next to the 'Hector Jandaloo painting purchase' click the match to new
- Classify as Investment - Buy > Collectible item purchase and click save
- In Match Transactions click Match To New next to the 'Loan to Trust', classify as Custom Holding Account > Transaction click Submit
- In Match Transactions click Match To New, classify as Equity > Equity Withdrawal
- Select Richie Porte as the Equity Account and click Submit
- Navigate to Periodic Processing > Tax Statement Console select the 2018-19 Financial Year Click the tick box to select all and click Generate to generate the tax statements
- In Reports check the Exception Report all the fields should be validated.
- Go to the Period Update shortcut and select the 2018-19 Financial Year and process the Period Update to 30 June 2019
- Click Distribute Retained Earnings
- Distribute the Retained Earnings to the three beneficiaries then click Submit
- Click Finalise Tax then Close the Financial Year then you can generate a Report Pack to review the Financials.
What's Next?We will teach you Demo SMSF Processing